talizman

iTrader: (1)

My good lady and I are aiming to get a new house in the next year or so, and the value of the house will be approx 3 times our joint income.

How does your income equate against your house price?

I'm not asking how much you earn or how much your house is worth, just interested in the ratio of earnings to house price.

fatherpierre

1 to 1 in the case of my lady and me when we bought it 6 months ago.

The property market is mental now in the capital. We've already been offered £60k over the price we paid to move out and sell on before Xmas.

I said - fuckoff as fast as he offered it.

Goochie

but surely you dont have to be a genius to work out someones income by using numbers from each thread ??

PPPMAT

House was 2.5 times income when bought. (3 and half yrs ago) If bought today, would still be 2.5 times income due to big price rises matching salary increase

Blobster

Bought in 1999. 3 bed end of terrace. About 3.5 times joint income.
Now worth 3 times joint income. Despite huge price rises.

However, can we afford to move up to a 4 bed.
Can we bu99er.

Blobster

davegtt

bought a 3 bed semi garage etc exactly 1 year ago was worth 3 times our joint salery, this year its worth 4.5 our salery now

Jay m A

iTrader: (2)

Another way of looking at it is % of joint income spent on mortgage.

In the late 80's early 90's first time buyers where averaging over 60% total income. No wonder it went **** up when interest rates doubled.

Nice to know that in this boom time the first timers are averaging 40% - however this info I got from a report in the Times 2 years ago. Needless to say now that interest rates are not set by a handful of muppets, and that people are a bit more risk adverse, the housing market hopefully won't collapse if prices cool a bit or interest rates rise 1% over a year etc.

Regards, your Scoobynet expert financial advisor

All IMO

Jolly Green Monster

iTrader: (4)

Bought house in 99 for just over 2times income..

Now income has not changed value..

and house is apparently now worth 5times my income..

Which is great.. but I can only use the money if we move to a smaller house!

We would love to move but everything decent is now also that much further out of our reach

JGM

PPPMAT

Wow just worked out our mortgage is 9.78% of total income (after tax) Thats not a lot really

Jay m A

iTrader: (2)

Oh yeah, I think it was a % of what ends up in your bank account every month, not gross salary. Mine is 30%

Sub97

Mortgage is 37.5% of income - house is worth 4.8 times joint income.

Tiggs

2 X income